For a 3rd straight day, the US Treasury saw poor demand for its paper. Today the 7 yr saw a yield of 2.43%, 3 bps above the when issued, the bid to cover of 2.62 is below the 12 month average of 2.89 and the lowest since March ’10 and direct and indirect bidders took the smallest amount since April ’09. To largely repeat what I said yesterday, whether it’s the Fed walking away from buying $100b worth of Treasuries per month or yields that are historically low at unattractive levels or Greece buying itself and everyone else more time or thoughts that the US economy is just in a soft patch and the 2nd half will see better growth or its asset allocation quarter end time, the market is again saying ‘no mas’ to these very low rates.